Takeover Strategy Becomes Key
For Italy's Assicurazioni Generali

Assicurazioni Generali SpA is examining ways to hurl itself into the latest merger-and-acquisition wave to hit the Italian financial sector. But is taking over Istituto Nazionale delle Assicurazioni SpA the proper entree?

Generali is reviewing such a move after commissioning Warburg Dillon Read to draft an acquisition strategy, according to people familiar with the matter. The study, which Warburg delivered on Generali's doorstep last week, proposes taking over the rival Italian life insurer via a share offer, and possibly...